Denomination- this is a technical operation with the national currency, which consists in replacing state banknotes in circulation with new ones, with a simultaneous decrease in their face value. As a rule, for the convenience of calculations, the nominal value is reduced by a multiple of 10, i.e. nulls are cut off.
Although the actual decline money supply denomination should not occur, a decrease in denomination makes it possible to simplify settlement operations and make monetary units psychologically more convenient and understandable to an ordinary user.
All prices and amounts financial transactions when denominating, they should change in accordance with the change in the denomination of monetary units. Small deviations are allowed for rounding the figures obtained.
Denomination in Belarus in 2016
On November 4, 2015, the President of the Republic of Belarus signed Decree No. 450 “On the denomination of the official monetary unit The Republic of Belarus". The denomination date is July 1, 2016. This will be the largest change in the denomination of the currency in the history of the Republic. It is planned to reduce it by 10,000 times. For example: a bill of 10,000 rubles will change for 1 ruble, a 100-ruble bill for 1 kopeck.
This is the third denomination since the appearance of its own national currency in 1992.
The first Belarusian banknotes, the so-called "bunnies" were printed with a denomination ten times less than indicated in the calculations. This happened at a moment of uncertainty after the collapse of the USSR, when the Belarusian rubles went in parallel with the Soviet ones for some time. Inflation in that period was hardly the only working economic instrument. In connection with the depreciation of the ruble, the recalculation of prices was carried out almost monthly.
The first denomination took place in 1994, the estimated value of money decreased by 10 times. Since the non-existent zero was removed from the banknotes, the banknotes "did not suffer."
Further inflationary processes required an increasing influx of money supply, banknotes with animals were gradually replaced by banknotes with buildings, with a simultaneous increase in denomination. In 1999, the face value of the largest banknote was already 5 million rubles. For comparison, the smallest banknote, sample 1992, was 50 kopecks (“squirrel”).
As a result of the second denomination in 2000, millions became thousands, three zeros were removed from bills.
New money, although depreciated gradually in the process of inflation (not as high as in the 90s), is still in circulation. As unnecessary, denominations of less than 100 rubles were withdrawn from circulation, and 200,000-denominated banknotes appeared.
Theoretically, the denomination should have no effect on the rate of inflation, or on the price level, or on the interest rate. Unfortunately, the experience of previous denominations suggests otherwise. During the year, some prices were "rounded" almost twice.
The need for the upcoming denomination was actively discussed after the threefold depreciation of the ruble in 2011, however, no official decision was made. Although, as it became known now, work in this direction was carried out. New Belarusian money, it turns out, was printed back in 2009, and therefore bears some traces of this troubled time. Namely: the signature of the former head of the National Bank, P.P. Prokopovich, the old spelling "pyatszyat", instead of "pyatszyasyat" - as follows from the current spelling rules.
The next news will be the return of metal coins to circulation. Thus, we will leave the number of countries (usually suffering from hyperinflation) in circulation only paper money. It also gives hope that the rate of future inflation will never be so high that the price of metal in coins will become more expensive than their face value.
The design of the future banknotes is noticeably different from the already familiar ones and “brings Belarus closer to Europe”, the new rubles are very similar to the euro.
The new banknote of the largest denomination:
If you notice a mistake in the text, please highlight it and press Ctrl+Enter
At zero o'clock on July 1, 2016, the Belarusian ruble lost four zeros: the denomination of the national currency announced by the president in November 2015 took place.
The denomination has become the third in the history of sovereign Belarus and the largest in comparison with the rest. Now the new Belarusian ruble is equal to ten thousand rubles in the monetary units of 2000, and for the first time Belarusians will have coins of various denominations - both rubles (1 and 2 rubles) and kopecks.
The name "Belarusian ruble" was adopted after Belarus abandoned the Soviet ruble in the early 1990s. Then a number of public figures proposed as a name new currency take the word "thaler", but the Supreme Council did not approve this initiative.
In early 1992, during the collapse of the all-Soviet monetary system, a coupon system was introduced in Belarus, then the coupons were replaced with settlement notes of the National Bank. Official exchange rate was one settlement ticket for 10 Soviet rubles.
The withdrawal of Soviet rubles from circulation began at the end of July 1993, and the Belarusian ruble became the only legal tender in the country.
Initially, in 1992-1994, the Belarusian ruble was introduced at a ratio of 1 Belarusian ruble (1992 issue) to 10 Soviet rubles.
© Sputnik / Yuri Somov
Belarusian banknote two hundred rubles
On January 1, 2000, another denomination of the ruble was carried out in Belarus (by 1000 times), designed, among other things, to stabilize the national currency.
Thus, on July 1, the third denomination took place. Belarusian currency- ten thousand times. In total, since 1994, in a little over twenty years, the Belarusian ruble has lost a total of eight zeros.
For a long time the struggle of the National Bank and the government against inflation, which, along with maintaining the ruble exchange rate, has always been a priority for the Belarusian authorities, the citizens of the country have become accustomed to the fact that this struggle does not always turn into victories.
Against the background of positive changes in the economy and tax area(VAT reduction from 20% to 18% and some other taxes), from the beginning of 2004 until the end of 2008 Belarusian ruble remained virtually unchanged against the dollar and the Russian ruble. During 2005 there was a steady increase bank deposits in national currency. Inflation has been declining steadily for some time, from 34.8% in 2002 to 6.6% in 2006. Over this time official exchange rate currency completely caught up with the shadow market, this led to the disappearance of the shadow currency market.
In 2009, Belarus received the first tranche of a three billion loan from the IMF, the last tranche came in March 2010. Thus, the state had something to spend, especially since 2010 was the year of presidential elections. Throughout 2010, which many remember as the most stable year, the authorities stimulated domestic demand, housing loans and consumer needs were cheap, however, as well as money for the real sector. All this took place against the backdrop of the effects of the first wave of the global financial crisis, and the national consequences were not long in coming.
The Belarusian authorities expected that the "bunny" would become fully convertible in 2010, inflation at the end of this year amounted to a record 3.1% for the country.
However, the financial crisis of 2011 shattered the optimistic expectations of the Belarusian authorities.
The Belarusian ruble experienced its first one-time devaluation in 2009. Then, according to the requirements of the IMF, the National Bank switched to pegging the exchange rate to the dollar, while simultaneously devaluing the "bunny" by 20% against the US currency. Thus, the dollar was set at 2,650 rubles, the euro - 3,703 rubles, the Russian ruble - 90.16 Belarusian rubles for one Russian.
The Belarusian crisis unfolded in full force by March 2011.
On May 24, 2011, the National Bank had to devalue the Belarusian ruble again - by about 56%. The dollar began to cost 4930 rubles.
In October 2011, the Belarusian authorities were forced to switch to the mechanism of market exchange rate formation: the ruble exchange rate began to be determined based on the results of trading on the Belarusian Currency and Stock Exchange.
With the entry into a single equilibrium exchange rate of the Belarusian ruble on October 20, 2011, the national currency exchange rate fell by 52%, which actually meant a second devaluation for the period from May 24, 2011. The dollar began to cost 8680 rubles.
In general, in 2011 inflation reached 108.7%, the refinancing rate increased from 10% to 45% per annum.
During 2012-2014, the Belarusian ruble weakened against the dollar by no more than 10 rubles a day. In December 2014, following the rapid fall of the Russian ruble in exchange offices, the exchange rate of the dollar and the euro began to grow against the Belarusian ruble, while the exchange rate set by the National Bank practically did not grow.
By December 19, the minimum dollar selling rate to the population in Minsk rose to 11.5 thousand rubles, while the official rate is 10,890 rubles.
On the afternoon of December 19, the National Bank introduced a "temporary" commission of 30% for the sale of foreign currency to the population. Ten days later, the commission was reduced to 20%, while the Belarusian ruble simultaneously devalued by 7%.
In 2014, the overall devaluation amounted to 24.7%.
The beginning of January 2015 was remembered by Belarusians as a time of acute instability in foreign exchange market. The next devaluation of the ruble was carried out by the National Bank on January 5, lowering the exchange rate by another 7.1% and at the same time reducing the commission to 10%. On January 8, the rate fell another 7.5%, and the commission was canceled altogether.
On January 9, the National Bank devalued the ruble by another 2.18% and resumed using the mechanism of pegging the ruble exchange rate to the basket foreign currencies, while changing the structure of the currency basket.
In general, in January 2015, the devaluation amounted to 29.4%.
Belarusians love their money, no matter what surprises their circulation turns into. In no country in the world the national currency is called so affectionately - "bunny". For Belarusians, dollars and euros are rather a means of investment than a matter of pride.
Citizens of the country collect interesting facts, "highlights" about their money and remember it without fail.
Sputnik remembers them too.
Denomination is a change in the face value of money. It is usually expressed in the "cutting" of a certain number of zeros from old banknotes and the release of new money into circulation. lower denomination. Often the need for a denomination arises after hyperinflation in order to simplify calculations.
The denomination of the Belarusian ruble for its relatively short story happened twice already. Back in 1992, new money appeared in Belarus - the well-known "bunnies", "squirrels", "bison" ... True, while new banknotes were being printed, inflation was doing its dirty work. As a result, prices rose sharply, and they decided to increase the denomination of the new banknotes by mentally adding 1 zero to the number on the banknote. For example, the famous bunny, on which the number “1” appeared, was in practice taken not for 1 ruble, but for 10.
Two years later, the first denomination of the Belarusian ruble took place - the denomination of 1994. One zero was removed from the bills (which, in fact, never existed there), and the prices for goods and services were recalculated accordingly.
In just 5 years, Belarusians became millionaires - by 1999, a banknote with a face value of 5 million rubles was already in circulation. A decision was made on the second denomination, and the country entered the year 2000 with new money, devoid of three more zeros.
And just recently, the crisis year of 2011 broke out. The ruble depreciated three times (and by today - almost four times), inflation in one year exceeded 108%. The National Bank put into circulation a denomination of 200,000 rubles, and the highest ranks began to carefully pronounce the word "denomination" aloud.
And in October 2013, President of Belarus Alexander Lukashenko frankly stated that the new money had already been printed and was in stock. Yes, and the head of the National Bank, Nadezhda Ermakova, has repeatedly spoken about a denomination after it stabilizes economic situation in the country. But when exactly will the third Belarusian denomination- is still unclear.
According to President Lukashenko, for the denomination "there should not be such an interest rate, there should be no worries in the market so that the population does not worry."
Nadezhda Ermakova agrees with him: “We need to restore the entire economy, monetary system put everything in order so that we and interest rates were normal, then we can talk about the denomination. Any denomination still leads to an increase in inflation.”
The denomination, although it does not affect the fundamentals of the economy, can indeed lead to higher prices. The psychological effect of denomination is often expressed in the growth of consumption by the population, which, in turn, leads to inflation.
On November 4, 2015, by the Decree of the President of the Republic of Belarus, a decision was made to denominate the national currency. The denomination in Belarus was held on July 1, 2016, with the current 10 thousand Belarusian rubles equated to 1 new Belarusian ruble. Accordingly, the prices of goods after the denomination lost 4 zeros to current prices.
After the denomination, the Belarusian ruble immediately decreased by 10,000 times, and banknotes of the 2000 sample in circulation are gradually being replaced by banknotes and coins of the 2009 sample. So, 100 rubles - the lowest denomination of a banknote, will be replaced by the lowest denomination of the new monetary sample - 1 kopeck.
In total, seven denominations of banknotes appeared in circulation - 5, 10, 20, 50, 100, 200 and 500 rubles, and eight denominations of coins - 1, 2, 5, 10, 20 and 50 kopecks, as well as 1 and 2 rubles.
After the denomination on July 1 in Belarus, until the end of 2016, banknotes of the 2000 and 2009 samples were in parallel circulation and were mandatory for acceptance when making all types of payments without restrictions. Since the beginning of 2017, Belarus has completely switched to banknotes of a new design.
Belarus has determined the procedure for the exchange of banknotes of the old sample. Old money can be exchanged for new ones at the National Bank, and non-bank credit and financial organizations Republic of Belarus from January 1, 2017 to December 31, 2019 inclusive. From July 1, 2020 to December 31, 2021 inclusive, banknotes will only be exchanged at. From January 1, 2022 banknotes 2000 sample will be considered invalid.
If you notice a mistake in the text, please highlight it and press Ctrl+Enter
That's all. In Belarus, officially, from tomorrow, the denomination of the Belarusian ruble will take place. We will turn from millionaires into owners of hundreds and thousands of rubles. And there will also be coins. We have collected in this text the main points that you need to know about the denomination. Of course, this is not the last text, we will continue to inform our readers - until we get used to, look at the new money. Now we have collected answers to the most important questions that it is important for everyone to know.
What is going on?
In the entire history of the country's independence, the denomination in Belarus has taken place for the third time. For the first time (in 1994), one zero was discarded from our bunnies and squirrels - and then, in the mind. Indeed, on the banknotes themselves, we also mentally added one zero before. The second time the denomination occurred in 2000, when three zeros were dropped from the rubles. That is, 100 thousand became 100 rubles. Now the Belarusian ruble is denominated 10 thousand times. That is, the former 10 thousand are already turning into 1 ruble. In addition, not only new banknotes appear (in denominations of 5, 10, 20, 50, 100, 200 and 500 rubles), but also coins (1, 2, 5, 10, 20, 50 kopecks, 1 and 2 rubles).
It must be remembered: denomination is an exclusively technical operation to cut off extra zeros and introduce new banknotes. It does not affect inflation, exchange rates, prices, wages, etc.
How long will all this last?
From July 1 until the end of 2016, both new and old money will be official payment units. That is, you can pay with them in shops, cafes, markets, gas stations, taxis and so on. You will be able to buy currency at the bank in the same way. And you will have to accept them.
From January 1, 2017 to December 31, 2019, it will be possible to exchange old money for new ones at all banks in the country and at the National Bank. From January 1, 2020 to December 31, 2021, old money can only be exchanged at the National Bank. And already from January 2, 2022, the old money cannot be changed anywhere.
When will the cards be released?
The official position is as follows: from 8 am on July 1, card payments should proceed without problems. However, some banks on the eve of the denomination advised: stock up on a small amount of cash in order to have enough for the whole weekend. Specialists of the National Bank, Bank Processing Center, banks will do their best to avoid payment failures plastic cards and get the system up and running as soon as possible. It is clear that nuances cannot be avoided. If there are failures in the terminals, specialists will go to the site on July 1 and set them up. If your card payment fails, call the bank that issued it.
By the way, in the morning, about every third ATM in the country will already be loaded with new money. And they can be withdrawn by card.
When will new money appear in all ATMs?
Approximately in every third ATM, new money will appear on July 1. Belarusbank, for example, promises to load machines with new banknotes on July 1 during the day. In general, until the end of July, all ATMs will issue new banknotes. The National Bank says: most likely, the replacement of old money with new ones in ATMs will happen even faster than in a month. A complete list of ATMs that issue new rubles can be viewed on the website of your bank.
How to avoid trouble?
The thing to remember about denomination is that it's a technical process. After all, old money can be paid anywhere before the end of the year. Gradually, new banknotes will appear in your wallets. Take your time. Gradually, when you go shopping, you will be given change in new bills, as well as coins.
Where, if necessary, to change money?
If there are people around you who are panicking about a denomination, help them deal with their fears. For example, elderly people and children will not feel very confident with new money. Talk to them, explain all the nuances, practice transferring old money into new ones together. And most importantly, explain that in no case should you change old money for new money from your hands. There are no such people in the country who would walk around apartments or even stand at banks and offer to change money. You can exchange them only (!) at the bank.
What will happen to bank deposits, loans, salaries and pensions?
The answer is simple: absolutely nothing. From your deposits, including on cards, zeros will simply be cut off from July 1. Conditionally: now you have 5 million 347 thousand rubles on your card. From July 1, checking the account at an ATM, information kiosk or using mobile application, you will see the following amount: 534 rubles and 70 kopecks. If you now owe the bank 2 million rubles on a loan, then after July 1 you will owe it 200 denominated rubles. If you now have 10 million under your pillow, then from July 1 it will be 1,000 denominated rubles. Moreover, money will not lose its value at all - after all, all prices, exchange rates will lose four zeros on day X in the same way. For example, a dollar will cost more than 2 rubles (depending on the exchange rate set by the National Bank), and a package of milk, which now costs 13,000, will cost 1 ruble and 30 kopecks.
Nothing will happen to bonus cards because of the denomination. We have long lived with prices that are multiples of 100 rubles. And from these amounts, various points and discounts on bonus cards are awarded. Everything will happen in the same mode. Only now the amount will be a multiple not of 100 rubles, but of the 1st kopeck. By the way, if a store, gas station, beauty salon, etc. refuse to accept your bonus card and refer to a denomination, that's illegal. This is a personal decision of the object of trade or services to temporarily not accept a bonus card.
At what prices will everyone write now?
From April 1, double price tags began to appear in stores - in old and new money. From July 1, all price tags must be double. If you see the price tag only in old money, this is a violation.
However, the price tag can only be in new money. But for this, the same store must take care to warn customers that all prices are in new money. So that people don't get confused.
Banks should do the same. If an electronic scoreboard hangs in the exchange office, which cannot be reconfigured so that it shows two amounts at once (in the old denomination and in the new one), then only the new version can be shown. Moreover, as for exchange rates, four decimal places will be indicated. For example, the official dollar exchange rate on July 1 is 2.0053 Belarusian rubles.
AND AT THIS TIME
HOW NOT TO GET INTO A FAIL…
… with payments
From July 1, you will have to pay for a communal apartment, telephone, Internet, TV, credit, etc., taking into account the denomination. For example, earlier you threw 20 thousand rubles on the phone, and from the first day you will have to throw 2 rubles. Previously, you paid 367 thousand rubles for an apartment, and from the 1st day it will be 36 rubles and 70 kopecks.
Advice: Don't rush, especially at first. And read every line carefully.
… in shops
Until the end of 2016, it will be possible to pay with both new and old banknotes. You go to the store and buy food, for example, for 27 rubles and 60 kopecks (276 thousand rubles in old money). You give the cashier 300 thousand in old banknotes, and in return you get a coin of 2 rubles and two more coins of 20 kopecks each. And the cashier can give you change and so: 20 thousand rubles old banknote and two coins of 20 kopecks. It's no wonder to get confused.
Advice: Try to pay with the same banknotes: either old or new.
…in the markets
…in taxi
Metropolitan taxi drivers were the first to resent the very fact of the denomination. And now many do not have several thousand rubles to rent. Like, it's rubbish. And then there will be coins. Where to put them? In fact, taxi drivers have to adapt - from July 1, coins become the official payment unit in Belarus. And it's not such a penny. The same 2 rubles with a coin is 20 thousand old bills. Essentially, agree.
Advice: Stand up for your position. If you were told that there is no 74 kopecks for change, demand an exchange in a cafe, shop, or gas station. In some services, you can call a machine with a terminal.
…in cafes, bars, restaurants
The same as in stores: we carefully read the price tags, look for errors and point them out to waiters and administrators. Yes, a trip to a familiar cafe can now be delayed - at least we will study the menu for a long time. There may be problems with delivery. How much should you tip now?
Advice: Carefully study the price tags, carefully recalculate the change. Practice at home how to calculate tips.
BY THE WAY
Save your denomination calculator! He converts new money into old money in a second, into dollars, euros and Russian rubles.
MINSK, July 1 - RIA Novosti. Belarus is denominating the national currency, new banknotes lose four zeros at once. In addition, for the first time since the Soviet Union, metal coins will appear in the country.
Residents of the country will be able to exchange old money until December 31. In this case, there will be no restrictions on the exchange.
The national currency appeared in Belarus in 1992. The people called rubles "bunnies" because the banknotes depicted animals: hares, squirrels, bison and wolves.
The first denomination of the Belarusian currency took place in 1994, when one zero was removed from banknotes.
By 1999, inflation in Belarus had grown so much that a banknote of five million rubles was introduced into circulation, so in 2000 another three zeros "disappeared" from the money.
New Belarusian banknotes produced by the British De La Rue, while the coins were produced by the Lithuanian Mint and the Mint of Kremnica in Slovakia, which won the competition.
The authorities of the country have established seven denominations of banknotes: five, ten, twenty, fifty, one hundred, two hundred and five hundred rubles. Also, eight coins will appear in circulation: one, two, five, ten, twenty and fifty kopecks, as well as one and two rubles.
The general concept of the design of banknotes corresponds to the motto "My country is Belarus". The banknotes will feature images of Minsk and various regions of Belarus. The correspondence between the region and the denomination of banknotes was determined in alphabetical order.
The new Belarusian money will temporarily have a spelling error and the signature of one of the former heads of the National Bank.
"Preparation for the denomination took a rather long period. The new banknotes, which will be put into circulation from July 1, 2016, were made by order National Bank back in 2008," the regulator said, adding that the reform had to be postponed eight years ago due to the economic crisis.
The regulator also warned about "some features" of the new banknotes. So, on the banknotes of the 2009 sample, there is a facsimile of the signature of Piotr Prokopovich, who at that time held the position of chairman of the board of the National Bank.
In addition, the banknote of fifty rubles has the inscription "pyatdzesyat" (from Belarusian - "fifty"), which contains a spelling error. According to the new rules adopted in 2008, this word is written through the letter "I" - "pyatdzyasyat".
The regulator emphasizes that there will be no more errors on the banknotes that will be issued later.
Before the denomination, the National Bank of Belarus announced that the regions and banks received a sufficient amount of cash of the new sample (2009), and in July the maximum load of ATMs would be ensured.
From July 1 Bank operations, including currency exchange, will be carried out using the cash of the 2009 sample along with the money of the old sample.
In order to speed up the process of putting new banknotes into circulation and simplify the settlements of the population during the period of parallel circulation of old and new money, the Board of the National Bank decided not to charge a fee for backing banks with banknotes of the 2009 sample for one month, with coins of the 2009 sample - for six months.
Banks, in turn, must carry out similar operations for their customers free of charge - legal entities(with payment only for the transportation itself), as well as organize the exchange of old banknotes for new ones directly at the cash desks of banks for individuals.
At the same time, change coins must be delivered to trading organizations from the first days of the denomination.
In addition, as early as July 1, banks must exchange banknotes of the 2000 sample for coins of 2009 free of charge through exchange offices, cash settlement centers located on the territory of trade and service organizations.
The National Bank also reported that banking equipment, including payment terminals, from July 1 will be ready to process transactions when using payment cards at a new price scale.
Against the backdrop of the upcoming denomination, residents of Belarus are faced with the problem of withdrawing cash from ATMs.
Banks reported possible problems when making non-cash payments for goods, services, and purchases via the Internet. In addition, interruptions in the operation of ATMs and payment terminals are predicted in the first days after the reform. Belarusians were even recommended to make all important payments in advance, as well as withdraw some cash "for the first time."
Correspondents of RIA Novosti noted that already on Wednesday, residents of the republic began to stock up on cash, and queues formed near some ATMs.
A number of ATMs stopped working before the denomination, which may be due to both reprogramming of the equipment and an increase in load.
Residents of the country this week also faced another problem - they could not get correct information about how much money was left on the cards. The banks promised to sort out the situation as quickly as possible.
The reform also affected foreigners who arrived in the republic in the first hours of the declared denomination. Cards of foreign banks were not serviced, which is why visitors could not withdraw money and even make a cashless payment. Not everyone was able to exchange currency for Belarusian rubles either.
In the contact center of Belarusbank, whose exchange offices are located at the Minsk railway station, RIA Novosti reported that "On June 30, exchange offices with round-the-clock operation work with clients until 22.00, and on July 1, exchange offices with round-the-clock work begin to work with clients from 02.00".
President of the country Alexander Lukashenko has promised to "tear off the heads" of those who will use the denomination of the Belarusian ruble to raise prices.
“There will be no rise in prices in connection with the denomination. I guarantee you this. We will tear off our heads for this if someone tries to use this technical process,” the Belarusian leader said shortly before the denomination.
“When prices are being recalculated (as a result of denomination - ed.), there is a desire to slightly increase, by a penny. More, of course, it will not work, because everything is under control. But we agreed, and the government brought a decision: there is no need even for raise a penny. Lower it by one penny, and people will say that we did a solid job," he stressed.
Lukashenka also noted that inflation does not threaten the country.
“After all, we are not very rich now, and our salaries are not growing so fast. And this is holding back demand. Therefore, if some huckster raises prices, people will not go to him,” he said.
